Evening Star Newspaper, April 25, 1925, Page 25

FINANCIAL. PRICES HOLD FIRM ATCENTER MARKET THE EVENING STAR., ‘WASHINGTON, D. (., SATURDAY, APRIL 25, 1925. NEW YORK CURB MARKET RE"’A"_ BUSINESS ENORMOUS WASTE SEEN Prompt Acton Received by Private Wire Direct to The Star Office IN HANDLING cOTTON First Mortgage Loans | Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Advertising Campaigns Are Breaking Records for 138 1th Btreat Volume of Sales. FINANCIAL. VERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. First Trusts placed and Second Trusts bought or improved prop- erty in the District of Columbia. Also money available for Third Trusts in small amounts. Nearhy Virginia and 2aryland Trusts placed on improved property. Prompt service and nominal charges. KAY-SCHNIDER-KAY CO. |+ Incorporated ¢ Investment Blig. Franklin 513 P e Department of Agriculture Puts | Baling Losses Alone at $150,000,000. The American bale of cotton is th most wastefully handled packag which entsrs the channels of com merce in any country, the Department of Agriculture has found after ex:| ensive investigations. | The annual losses incurred by the growers and spinners of American cotton by the present method of bal- ing 1is estimated at $150,000,000. Weather damage to cotton through |failure to warehouse the hales is [placed at more than ,000,000 | annually The department savs that if better covering was used in baling cotton jand the cotton compressed to high density. the industry would save at $3.000.000 a year. Present methods of loose baling allow only 30 bales to be loaded into a box car, whereas high compressure baling would permit the loading of 100 bales The department is now investigat ing the possibility of standardizing baling methods and of selling cotton {on a net welght instead of a gross weight basis. Standardization of bal ing methods, it is said, would save storage space, simplify trade practices nnhd‘l ult generally in better business| et STERLING EXCHANGE OUTSTANDING FEATURE B the Associated Press W YORK. April 25.—Establish ment of the highest quotation in 10 years by sterling exchange was the outstanding development in _this week’'s financial markets. Stock prices moved within a rather narrow trading area, standard industrials and rails showing a sagging tendency, while bullish demonstrations were suc. | cessfully conducted in a number of public utilities and industrial spe-| clalties. Bond prices displayed a firm tone in reflection of each money rates. Trade news was mixed in character BY WILLIAM F. HEFFERNAN. VI““ NEW YORK. April 25.—The action Of stocks at the close of the week indicated that the Curb Market was | In a technically streng position and Excursion Season EXpected |thar untavorable repors’ frem trane centers had been pretty well discount- to BODSt Sales of ed News of a disappointing nature Spring Chickens. This was evidenced by the manner in which the copper shares were bought now that recovery in copper | metal quotations had definitely set in. With th» price up a half cent in a pound, with indications of still higher levels, Kay Copper came in for most attention, but Canario and Wenden gave a good account of themselves. The decline in Victor Talking Ma- chine appeared to have run its course and the price fluctuated within a nge of two points of Friday's final. WE FINANCE —all classes of income-producing proparty. Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 15tk St N.W. -9%2% is the earning rate of our gilt-edge First Mortgage Notes The rate of interest is con- sistent with Absolute Safety. The service we extend to our clients and our record of never having had a loss of a penny in either principal or interest is adding daily to our list of in- vestors. Send for descriptive booklet. Notes Now on Hand In Amounts of $100.00 Up CHAS. D. SAGER Loan Department 924 14th St. NNW. Main 36, Intrinsic Values. In the two preceding articles we have considerad two tests which should be applied to common stocks before they may be accepted as worthy of investment consideration. One more remains, and that Is the Question of intrinsic value. This is| a very different matter from price. H It is a common error to confuse ! price and value, which are not the (same thing at all. Stockholders are | the owners of the property. After | the bondholders are satisfied and the claims of the preferred stockholders have been met and all current lia-| bilities have been covered, the com- mon stockholders own all the rest. To determine how much this is re- quires a study of the balance sheet.| From this statement is deduced what is known as the “book value' of stock. Sometimes this is above the market nrice and sometimes it is below. For example, the book value of United States Steel common stock is very much greater than the market price, while the book value of certain mer- chandising stocks is very much below the market value. As a rule it is safer to buy stocks with high book value than those with low. The difficulty is that in calcu- Iating the book value one has to take the price at which the property is| carried on the balance sheet as a basis, and some corporations overestimate and some underestimate the ue of their fixed properties. Moreover, a factory or a mill is of value only so long as it can be used to produce goods. If the demand for the partic- ular kind of goods this factory or mill turns out falls away, the structure can be refitted for other purposes only | at considerable expense. no longer was having its effect upon stock prices, while, on the other hand, the market was disposed to respond to anything that was favorable. LOANS \\'r‘ will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of interest. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-Five Years insures vour protection Percy H. Russell Co. 926 15th St. N.W. P Continued warm weather i& expect #4 to start an early opening of the excursion season. which means in creased demands for many commod ities, especially poultry and fruits. Poultry dealers do net anticipate much of a decrease in prices of chickens, the kind that excursi demand. for some little time realize, however. that fowis will be in| demand for sandwich purposes. Slight _increases in receipts of Spring chickens is noted by deaiers. who report material increases In weight of such chickens. Increases fn both size and weirht are expected from day to day. dealers state, until the supply is equal to the demand, when prices unquestionably will take & drop. _NEW YORK, April 25.—Following is an official list of honds and stocks |lraded in on the New York Curb Market today: Sales in thousands. 1 Allied, A Am Ba 11 Am 6 8 Car Light 4 Centrif Pipa’ Cor 19 Chap Sacks & Co 44 Chatterion & son 17 Chrys Mot Co wi 16 Cleveland Auto. 2 Cor BY 4. C. ROYLE, Special Dispateh to The Star NEW YORK, April 25.—The retail merchants have done a wonderful business so far this year. The volume of retail trade of the country last month exceeded that of the excellent year, 1924, by 6 per cent and the peak apparently has not been reached in the first three weeks of April. Profits of the leading establishments have &rown in greater ratio than the sales. The most up-to-date merchandisers freely attribute this trend to adver- using. Publishers here for their meeting this week have fully recog- | nized this attitude. Sales Boost Buying. There have been exceptions in the business trend. The above could not have been proved otherwise. Those exceptions in most cases were found in territory which either was affected by speclal local conditions or among merchants whose advertising fell off either in volume or selling po: The advertising of “sales” in nearl. every section has brought out the largest volume of Spring buying ever witnessed in this country Of course the buying power is there, but the public has undoubtedly been put in a better buying mood by advertising. The volume of business 5 L 151319 SR BONDS, High kers 8e 967y 1 6s. 9830 L 981 8Am Pow & Lt 6+ 98 SAm P& Tt 8 n 95 1 Am Sum Toh 7338 90 12And N C 68 wi>® 104 1Am Thread Co 81031 ! Anaconda 0% 2 AU GAW 18 8 ba 89 4GB&ORRS Bawi Belgo ¢ RS8IEH80. PR Y R ) R s Con 3 Contl Bak 4... 58 Contl Bak B . 3 Contl Bak ptd 4 Cuban Tob vtc. . 3 Coty Tnc . 1De For B C vic 2D & W Coal. 3 Dodge Bros A 2 Doehler D C unhill Intl rant Mot ur Co A 1 1 Bd & Sh pid 102 1 Bd & Sh n cor 57 Investora Inc 44 ureka Vacuum. 48% 18 87 o000y PEERH S0 o “They | s L i3 01s! SR 3L EE R 1 SEERESEER > 3 1 993 33838328222335 288322822520 388 S oy v B onisto o v 2 PR Cit Serv 7a D 3 ons Textiles 85 On. . P SRS - R e e ey Lo LB BB eroDEmis i S F 2! * EREREe et e o rdax’s Wholesale Prices. 3 5 3 Detroit _Fdison 4 Fed Sugar fa ] Gaiena Sig Oil 7a.. & Gen Pet 8a 3 Grand Trunk 8% 1 Linhy McN & L 4a 16 Mo Pa Ry 68 E wi Morria & Co ar L2 Rutter SO Fancy, 52a54 B5a57; store packed, 20a?3. © Fgzs—Fancy, selected average receipts, 29 Poultry. alive—Roosters, 19: voung Winter “chickens, 35a38; fowls, 28: Reese. 15a20. Dressed—Fresh killed Winter chickens, 35a35; roosters, 19a, 20: fowls, 28 35a40: ducks, | 25228 geese , 40245, | Live stock—Calves, choice, H medium, 10a11; thin. 8$a$; Spring, 13; live hogs, 13a1315. Meats—Beef, al8; veal. 18 hogs, 2014a 0: shoulders, Fruit and Vegetable Review. tub, prints, Garod Corp Gen Outd Ad A Gillette S R.. - 0B A # i | | 4 Goodyear Tire Grennan Bak Happi Candy A.. Heyden Chém Int Cont Ri Int patch Int Utilities A 3 Kelvinator Corp. SSesZSonrEan. candled, 30: B Pt st dieitet S s 7,38 > F FEEaE 52250055055 5555 555! 2a0n PEELESEE - ok P EPet PRt o P Do EE W o 11% lambs, "~ 222322222 » The Prudence Company, Inc. of New York 22253 332383525353 53520055 S333355522 id 23 3 =58 ¥ lambs, T 3 28a3 i e % izt I D Dk b i 22BN AR BRI SRS DI, Invites Applications for Construction Loans Long-Term Refinancing Amounts of $50,000 and over FRED T. NESBIT Loan Correspondent Investment Bldg. Main 9392 S s i) PP 224! ¥ ¥ Today’'s market report on fruits and vegetables, compiled by the Bureau 61 Agriculture, says Asparagus—Supplies moderate: de- mand moderate, market steady: South Carolina, dozen-bunch crates. very large size, mostly 3.50; medium to large size, mostly 2.50; small size, 1.5022.00: FEastern Shore Maryland, two-dozen-bunch crate large #ize, 4.50a5.00; large ad.00; medium size, mostly 6.00. Potatoes—Supplies moderate. stock, demand light, market New York. 150-pound sacks Whites, United States No. 1, 1.75a2.00, mostly 1.75a1.90: new stock, demand Moderate, market slightly weaker; Florida, double-head barrels, Spanuld- inz Rose, United States No. 1, 6.00 #6.50 Strawberries FEL FEREEF, Vs 230550000 EREEREE 5 1 Vacuum 01 = 6 Webster Mills 6338 T »3538238535 s 28 98 i Money to Loan Secured by first deed of trnst on real estate Prevailing Interest and commission Joseph I. Weller ¥4y % & FEDERAL- AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, Prealdent codagaes S n Lt & Po A Itil P & Lt Cor ictor Talk_Ma. ar Bros Pic A eatern Power. estern Pow pf k M_S new M Snovie ck-Spen Steel MINING. Ariz_Globe Cop “anario_Copper. Chino Ext Mines 50 Diamondfield BB 2R Eng G M Lt In. 80 Eureka Croesus. .. 30 Forty Nine Minea 2 Gold Zone . 20 Hawthorne M inc 14 Hecla Mine . ... 65 per Cor . n_Val | PGTES ow 6 o 1 Ruse Gav 8500 ¢ 1Solv & Co '3% B. Satex in 3 STANDARD OIL ISSUES units. Buckeye P L. 30 Chesebrough pf. Cumberland P 1000 Imp Oil of Ca fl“i{ nolia Pat Transit. .. 40 Northern P L 100 Prairie 0 & G 100 10 P < S=nommon < 25582222 ot 383233552 m Trust XW. old 333333 3 Lg9susauaa R - B s T R ey 2 Supplies heavy: de mand good for good stock. market #lizhtly weaker: North Carolina, 32- quart crates, various varieties, best, mostly 00a8.50, few 8.00: ordinary to fair quality and condition, 4.00a6.00. Tomatoes—Supplies liberal; demand | s moderate, market steady: Florida, 6s, | h ripes and turning, wrapped, originals, | ancy count, best, mostly 5.0023.50: choice count, best. mostly 4.00a4.50; ordinary to fair quality and condition, fancy and cholce rount, 2.00a4.00. Cucumbers—Supplies liberal: de- mand light, market slightly weaker; Florida, square bushel crates and hushel hampers, fancy. 4.0024.50; few hest, 5.00a5.50. Peas—Supplies heavy: demand light, market weak: North Carolina, 5-peck hampers, small pod varieties, wide range in prices, .50a1.50; mostly 1.00a 1.25. South Carolina. bushel hampers, large pod varieties, fair quality, 1.50a 2.00: few Telephones, fine quality condition. 2.75: Mississippl, 74t 2.75. hampers, large pod varietie foism n. Praivie P L. . South Penn’ Oil 20 Southern P L 2100870 Indiana. O New York.. wan & Finch.. 200 Vacuum 0il ales in INDEPENDE Undrads 14 4lien i1 . 27 Am Maracaiso. | 5 Earin Send ol R | Faama anaBoaEts 15 [os3EATAZRRILAT2 8 FrE MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST RSE2TATIRIBLIZAL2, Wb ARE NS L2522 = Bt ST H ] B8 w g 7] wm 158 Bont L o b ism > 2 2 =, FIRST MORTGAGES FOR SALE Denominations of $250, $500, $753, $1,000 and upwards 6%2% All Loans Made on Property Lecated In the District of * TN E PO b4t ey > o Lo 2a23-2 3T a1 DD a 3 33535 6% Columbian 28 Continental *onl 92 Conti Ol Bt . . 8 Creole S¥nd .'."." 2 Euelid Ol Cn.. . 4 Gibson_0il Corp. 1 Kirhy Pet .. ... 42 Lago Pet [ 970 Latin_ Amer_0il. .. 1 Livingston Pet ¥ 5 £ Tonopah Exten: 8 r Minin 201" Continental. 13 Wenden Copper. _'. Ly w2 3 (L ommis o & 133523 213D SR DA o SRR R R o R 55 & 19 i 193 o 89 Roy Can O & R 5 Rvan Con B In Central ‘O 30 Vanezneian ox 0 & e Rondall H Hopnen ¥ ] 1327 Connecticut Snonua 9.4 better- | ? W 25 uas » Adirondack P » COTTUN SEATS CHEAPER. NEW YORK. April 25 (Special).— The New York Cotton E: ‘c‘!‘!‘l%‘m T S v bership of . Schwabach for sansoo, This represents a decline of from the last previous sale. Now That We Are Fifty-Six HEN vou invest your funds, you must be certain that the house you have selected has maintained throughout its en- tire history an uninterrupted record of com- plete investment safety. All the knowledge gained by this institu- tion since it was founded in 1869 iz com- bined to make the First Mortgages pur- chased through a safe and profitable investment. We are now in our 56th vear of invest- ment experience and during that time no investor has lost a dollar in principal or in- tereat on First Mortgages handled by us. 627% £EM&HENSEY Co. S"MZH{% Srreel. NW ™™ ) shiqg'tm.[).C. 56 Years Without Loss to An Investor m Superpow Wantic Fruit orden Co_ ria ot Cong Mills A ridgep Mach wi. A Tob C K 2 uf Gen EI Co n : INVESTMENT ELEMENT HAS COME SRS e « 7@ FRONT IN SECURITY MARKETS Washington Gas 55—$1.000 at 804, Bid and Asked Prices. BONDS. PUBLIC TTILITY. Amer. Tel. & Telga. 4s... Amer_Tel. & Telga. 4358 Am. Tel. & Tel. ctl. tr. 55 Am. Tel. & Tel. conv. 8s Anacostia & Potomac’ s Ana. & Potomac guar. 5% C. & P. Telephone 52 . & . Telephone of Va Capital Traction R. R. 5s City & Suburban b Georgetown Gas Potomac Elec, lst 38 Potomac Elec. cons. s Potomac Elec. 68 1053 . Pot. E. Pow. g. m. & rel. 7s. Wash., Alex. & Mt. Ver. Bs. Wash.. Alex. & Mt. V. ctfs.. Washington Gas be.. Washington Gas 6. . Wash. Rwy. & Elec. 48 Wash, Rws. & Elec. gen. 65.. 101 MISCELLANEOUS. C, Paper 8s. Sl Pot. doint Stock Ld, Bk Ba. Rigks Realty 5s (long) .. Riges Realty Be (short) Aty Capital Tras Washington Ww 108 W INTEREST For Thirty-seven Years We Have Sold Without Less to an Investor. Wm. H. Saunders Co., In 1133 K Street N.W. Phone Main 1016-1017 Monotype—10 at 50%. 10 at AFTER CALL Price Levels Are Sounder—Canal Traffic Hits Rail- roads—Sterling Nears Par— Money Rates Again Lower. WANTED Second Trust Notes This company has funds available for the purchase of all kinds of second trust notes, secured on real estate in or close to D.C Prompt Service @ Washington Investment and Transactions Co. Ine. 713-15 14th St. N.W. Main 3662 brought about a corresponding in crease in production. But there remained the eritical | question of high wages and the in ability to provide an offset by raising prices. The political results could not produce a better profit margin or solve the high cost of living while maintaining present labor scales. These are fundamental economic difi- culties, developed by the war, which are independent of political changes. Panama Canal Hits Rails. Wall Street has been paving more attention to the competition imposed by the Panama Canal upon the trans continental raflroads. This is not new subject by any means, but it began to be discussed with more con- cern after the St. Pual receivership, in which the admission was made that the rivalry of the canal was one of the primary causes. It is not disputed by people familiar with conditions on other Western lines that the Panama Canal competition is a formidable factor. One does not like to even talk about the possibil- ity of this affecting the dividend pol- icy of roads in which the public has a large holding. These roads have ac- cumulated big surpluses in past years RY STUART Special Dispatch to The NEW YORK, April 25.—In the mar- kets of the past week the investment element has distinctly predominated 27 L over the speculative. Money rates 1933 | have gone lower, but it is not this so oo which has counted. Rather, it 101 | ction that after the Wall Street deflation of the last three months, along with the fall in com- modity prices and the shrinkage in industrial production, the prospects are for easy money conditions con . | tinuing for a long time. | " Naturally, this has affected judg- ment of investment values. In Jan- Jary, with a boiling stock market and with everybody talking about trade xpansion, the investment market hesitated. There was doubt as to whether, as the result of increased Specuative and _trade activity, the money market would not go up. in Which case investments would come - {down. But now the situation is quite | changed, and, with the promise of * | comparatively low money rates, the demand for the higher grads of in- Vestment securities has picked up. o] 100 o8 108 10 15 1 Largest in Business: NEW YORK. April 25.—The capital structure of the new Gabriel Snubber Manufacturing Co., recently purchased by Otis & Co.. a banking house of Cleveland and New York, will consist of 198,000 shares of class A. no par value common stock and 2,000 shares of Class B no par common, the bank- ers announced yesterday. Public of- tering of the class A shares will be made next Monday at a price of $25| a share. Dividends on the issue. it} is announced, will be paid at the an- nual rate of $2.50 a share. i The company is said to be one of the three largest motor car accessory manufacturers in the world. n 0 Bldg. WaunMke. Cold Storage W :m“ Park Hotel 8s. B STOCKS. PUBLIC UTILITY Amerean Tel. & Telga.. treight houses along the line may have | 1ast December, when the holiday sea- but if it 15 a branch line and no longer | tising has involved heavy additional guide to the equity of the stockholder. s Gains in Advertising. antly increasing in value, the same |1¥ shown by In In no respect does it require more |Showed a gain of 567758 agate. Jimen matter of the worth of the corpora-|10 a total of 14.751,474 lines. et {lines as compared with 6.317,081 a| |Touls, Datroit nd " orteraio 8¢ 265 lines to a total of 3,887,203, ume of business done so far this Orders Coming. for March. Some losses were recorded, | BALTIMORE, April 25.—By the Mail Order Sales Grow. duced to 2,000,000 bushels, grain suCGrew. 12,500,000-bushe! capaeity, Stores. The thirteen leading mail or- Whill % hile most of the grain has been cent in their sales, as compared with v 25.—Heavy de-|In this o y YORK. April 25.—Heavy de. ountry for milllons of bushels | 5EFLOTate malen for th sl at plate gl are reported to have been a Plate glass manufacturing plants, |2 D A n approached| more than 15 per cenr coie reRorted pected production would fall off next | Baltimore now has the finesi facili BUTTER PRICES HIGHER, !activity throughout the country that Jomtrmnid ERTIITR 1N trein e Y CHICAGO, April 25.—Light supplies | Jireay contracted for and by the et during the week. Demand, although y L Orerement wan neavier ana. witn:| NORFOLK OPPOSES LEASE lighter make accounted for the scanty Danish was en route. Floor stocks in Letting Any Other Road the week, but were over 10,000 tubs| of a year ago. lution opposing the lease of the Vir. | markets were: Chicago. 1'; higher ati ;" j1\'s legal department to the | delphia, 1% higher at 47 i e joat et S | CAPITAL PLANS QUT. | commision" commission opposing the lease of the was “thoroughly indorsed” and the or the.desirability of instituting legal of this leas appropriated $100,000 a right of Capital Tracti eventually hecome a third trunk line A railroad is a good fllustration. | this month is now sure o come. clese The right of way, the rails and the |10 the record-breaking business of 23 | originally cost very much less to bufld | Son stimulated buying t & 43" | than they could now be placed for, |able degree. The vplume of favac. produces profitable traffic, the prop-|eXpenditures, but the results have erty value is very misleading as a|made full compensation. On the other hand, there may be| uable terminals which are con.| The extent of the increase is plain- the figures in New York as real estate does, and so greatly |And other merchandising coners. add to the worth of the stock. this city, papers in the last month expert analysis to discover the real(Of advertising, as compared with the value back of a stock than In this|corresponding period of 1424 rising tion's fixed assets. ®ain in Philadelphia was on an even (Copyright. 1976.) higher ratio with a total of 8.058.917 Year ago. Houston, Birmingham, | | Oakland, Indianapolis, Buffalo, St.| MADE FROM BALTIMORE |showed heavy increases. New o leans led the list with a gain of 775- About 10,000,000 Bushels ne-icn’:‘:‘e &ain for 134 papers in 30 major 3 s a 25 cently Rushed Abroad—More BT 581808 The) wol | month shows that the total volume of Advertising in April will exceed that| Special Dispatch to The St - D - the heaviest of which was 1,164,548 | end of this month grain of all kinds| "% Suffered by Los Angeles papers. | in Baltimore elevators will be re- The increase in vol dealers here predict. Several weeks !, Olume of business ago the elevators were filled 1o their| noses oo ined o the wepartment with more | der ang iy and chain store organizations = D500 loaded cars s the yarls. |showed an savance of oood 1n per GLASS PLANTS RUSHED. hipped to Russia, Italy, France and| p, : 8 Sweden are expected to pl: corresponding period in 1924, with b o lace orders | aggregate sales for the month ot $78.- mand from automobile manufacturers|0f hard wheat within the next ine: e, Wnd » Thmber o lac ers | INCrease for the first quarter was over has resulted in capacity operations AL Brokers |16 por cent.: Sears hert s sedbii] President Brown of the Pittsburgh by foreign representatives. : o Plate Glass Co. said today. He ex-| According to grain brokers here,|¥ ard recorded month, when the season for that :l.:!h‘f"‘:f':und"nx grain on the Atlantic| Outlook Held Bright. préesent siate of industry and business * | the retail establishments will show a more than fair-sized improvement over Light Supplies of Fregh Pradu-s PP ok Strengthen Market. the prospect for a fair agricultural vear, by the volume of construction of fresh butter brought a firmer tone | ant of employment in manufacturing to the market, and prices advanced| .. satisfactory, was not much improved S X over the previous week. Into storage drawals were lighter. Production _reports _showing a OF VIRGINIAN RAILWAY! supplies. No arrivals of foreizn but ¥ Tae wotve reported, but a shipment of |Legal Talent Offered to Fight the four principal markets were not | only reduced some 6.000 tubs during | lighter than a veas ago. Strong hold- Press. ! ings also were reported below those Va., April 25.—-A reso- ! Closing wholesale prices and ranze.| ;i Rajlway to the Norfolk and| 92 score butter, at the four princlpali yegiern, and offering the services of | 45; New York, 1%z higher at 46:| gi "ot irginia ‘in the preparation | Boston. 115 higher at 461z, and Phila-| o0%2, "0 nare necessary to fight ft, | | was adopted vesterday e sion of thegeity council and the port | The protest of the State corporation er Company Now One of | Virginian to either the Norfolk and Soubb Ll Western or the Chesapeake and Ohio State authorities were requested “to investigate ‘immediatelv the necessity action in the name of the State of Virginia to prevent a consummation 1t was pointed out at the meeting | that 20 years ago the City of Norfolk way for the Virginian to Sewells Point and it had been expected that it would connecting Hampton Roads with the Middle West. YEAST SALES RISE. NEW_ YORK. April 25.—Net sales of the Fleischmann Co. for the first quarter of 1925 reached $12,594,232, National Capital Fumbia Commercial Dretnes Parmers ‘& Mechanics Aderal-American iberty Bincoln National Matropolitan Rixgs seennees o of the United States Govern- e bonds, and still more the first- Tank railway issues, reached during and for the most part are strongly placed. Still the canal competition is something which is not going to be done away with after a short period HEAVY TAXES ARE PAID. : Auto Industry Pays More Than c T e ompared with $10,539,442 in the cor- ‘esponding period Jast year. Net in- ome was $2,838,972, equal, after pre-| JUDGE BY YOUR OWN EXPERIENCE Perhaps you have had ex- perience with real estate mort- gages—either as a mortgagor or mortgagee. Has not this experience shown you that conservative mortgages are both safe®and profitable? As handled by this company, real estate FIRST MORTGAGES become an exceptionally at- tractive investment, not only because of good vyield, but be- cause of the safeguards we provide. SAUL CO. the week the best figures of the sea- son. TRUST COMPA. American Securits & Trust Continental _Trust.. Merehants i Nafiona) Savings & Trust Tnion Tru Wah. Loan ferred dividends, 10 $1.88 a share on Ballroads, Expert fays. the common against $2,190,598, or NEW YORK, April 25.—Taxes paid | $1.44 a share a year ago. X o ‘“‘ :e'" P"‘l by the automotive Indun;‘r -; t(hu % t T ev sent tim reater t the to- nternationally the spectacular event | present time are greater than COMMODITY NEWS WIRED STAR FROM of the week has been the rise in ster-| tal paid by both the American rail- ENTIRE COUNTRY Ny in which the carriers have been made Speculatives Not Affected. to suffer. /ith the speculative part of the murleet the position is altogether dif- ferent. Low money rates have not been a stimulus at_any stage and nothing s more absurd than the ctatements made, whenever there is 2 dittle flurry in money and stocks happen to Ko down at the same time, {hat the two incidents are connected. There has been no real connection hetween money fluctuations and stock | Auctuations for the last three years. Stock market conditions. regardless of such déclines as have occurred Juring the last week, are in better chape than they were a month ago. % ‘Stop has been put to overspecula- tion. The public 18 no longer rushing in fo buy with reckless disregard to \What stocks are actually worth. How far the replacement of important holdings sold out during the excite- ment of four months ago has proceed- ed is a question. But it is pretty well agreed that these repurchases have been considerable. Price Levels Sounder. much for what Wall Street calls fl‘:o"inslde position” of the market. Taking the present level of tock prices and setting it beside the facts of outside business, the relation is far more sound than it was. The trade developments since January 1 & Trust.. SAVINGS BANK e & Savings ling exchange to the highest since the | roads and the electric rallways indus- early d: of the war. This cannot|try, it is stated {n_an analysis pre- very weil be a surprise to those who|pared by John A. Ritchie, president have kept in touch with British|of the Omnibus Corporation, the Chi- finances and have noted for the last|cago Motor Coach Co. and the Yel- two vears how every condition neces- | 13%°Coarh Manufacturing Co. sary to the restoration of the British In contrast to $350,000,000 paid by | Do {0 P%r, has been fulfilled. Theline railroads in 1924’ and $66,500.000 Wonder is that the restoration has|yy”the electric railways, Mr. Ritchie been =0 Jong delayed. computes the motor vehicle tax bill at There has been some talk about the | goi0hg Sis " which. he asserts, is a British government artificially help- [ $00:1{ " 0 & "ovar 1921 of about 82 Ing alonk the advance, but such an |9t (O¢ o other form of trans. explanation is superflous where the rtation—probably no other large natural causes—the balancing of the|POCRCONT PVORC . 07 ) g™ T budget, the reduction in taxation, the |Dusiness—-has SHTE funding of the American war debt and | CTease, i the establishment of equilibrium i the foreign trade—have all been pres:| WHEAT CROP SMALLER. The Department of Agriculture was ent. o g advised by cable that India's 1925 Now that stock ;rim are off from | wheat crop is forecast at 322,000,000 the top 15, 20 and 30 points, the trade |pyshels, compared with 364,000,000 reviews have changed their tone and|pyshels in 1924. The crop was said have become, if not pessimistic, at|io be about sufficient for home re- least anything but encoursging. This quirements, leaving little for export, is the usual thing which occurs and e is perfectly familiar from the teach- |Ings of the past, odity prices ara| TRON OUTPUT IMPROVES, still coming down after an extensive| NEW YORK, April 25.—Iron and decline. that production has decreased |steel production in France continues and that buyers are more and more [to increase. Official statistics received vent United St Washington ater. Macha FIRE INSURANC DETROIT, April 25.—Deliveries by Dodge Bros. for the week of April 11 were over 7.000 cars, or above 1,300 for each production day. New retail lorders exceeded those of the cor- responding week last vear by 1,000. Although production is at the rate ‘of 1,100 cars a day, this is exceeded by both deliveries and new orders. make plans that will free them from worry in later years. Ask for our spe- cial booklet about the most secure and satis- factory method of sav- ing and investment that can be devised. nics | Over a Amarican orcoran ¥iremen's National Quarter Union TITLE bis Title . .o oM Ertade i ! 13 MISCELLANEOUS of a Century ATLANTA. April 25.—Membership Without & in the Georgia Cotton Growers Co- operative Marketing Association is larger now than ever before and about 250,000 bales of tife 1925 crop are ex- pected to be put in the hands of the association. SAN FRANCISCO, April 25.—A 90 per cent increase in fresh fruit ship- ments by the California Fruit Ex- change this year is predicted by John L. Nagle, manager. Nagle estimites 7.000 growers will contribute ship. ments of 5,000 carloads, with a value of $25,000,000. SHREVEPORT, April 25.—Despite i c. Paper Merchants Mergenthale: £1|F4 rans, & Storag: ¢ Linotype.. tge. & Inve: i teh Market com.. Oiq Piten Marker pa.. Fanston Monotype. Security Storage... Wasbington Market Fellow Cab.. . = *Ex dividen Loss. It will cost you noth- ing to obtain the book, and there will be no ob- R ligation. » Query the Prometer. Determine how much of his own money the promoter is putting into hie scheme before you decide to ri yours. Don't take his word for it— make him prove it. | Mortgage Investment Dept. R EARNS 4 PER CENT A SHARE. NEW YORK. April 25.—The Con- solidated Textile Corporation reports net profit of $56,438 for the first quar- ter this year, equal to 4 cents a share 835 shares of no-par-value ve been disappointing, but only to lh:o:e who took an exaggerated view of what the November elections would mean for the business future. Noth- ing that happened on election day could settle the problems which busi- ness men had been contending with the immediate future. tile accounts were the bluest. beforehand. A more active demand w-: stirred up in many lines, and this prices were at absclute bottom. fill th vond |by the Bankers' Trust Co. of New e il s::dt'hebea'tock York show the iron output in Janu- market has anticipated most, if not|a all, of this, as it always does. August,|over December. which was a record 921, ime when the mercan- | month. e 1t wAs |tons was 3,000 tons more than Decem- also the time when stock exchange ber and less than 1000 tons under was 669,352 tons, a gain of 4,000 Steel production of 608,146 the low price of Smackover crude, now at 40 cents a barrel, production in that district increased 56,228 bar- rels last week. bringing the daily average of the Arkansas and Louisi- ana fields to 306905 barrels, a new high récord. Bellevire, La., oll has / peen cut to §1.75 & barrel, SHANNON_'&' LUCH S] 713 and 715 14th St. N.W. Main 2345 Main 2100 925 15th St. N.W.